One-fifth of Chinese tycoons drop out of Hurun Rich List
As of August 15th, 456 Chinese businessmen lost their position on the Huran Research Institute’s “Rich List” of individuals worth over 2 billion yuan ($290 million USD) in 2018. This number accounts for 21% of the total and marks the largest drop-off since the data started being compiled 20 years ago. The trade war with the US and slowing growth trends over the past year saw a 16% drop in the Shanghai Composite Index and 19% on the Shenzhen. 20 years ago, there were only 8 people on the list, which reached a peak of nearly 2000 last year.